TODAY’S S&P 500 SET-UP – July 2, 2012
As we look at today’s set up for the S&P 500, the range is 29 points or -1.92% downside to 1336 and 0.21% upside to 1365.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
- ADVANCE/DECLINE LINE: on 6/29 NYSE 2281
- Up from the prior day’s trading of 397
- VOLUME: on 6/29 NYSE 1094.36
- Increase versus prior day’s trading of 20.71%
- VIX: as of 6/29 was at 17.08
- Decrease versus most recent day’s trading of -13.34%
- Year-to-date decrease of -27.01%
- SPX PUT/CALL RATIO: as of 6/29 closed at 1.35
- Down from the day prior at 1.85
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: as of this morning 38
- 3-MONTH T-BILL YIELD: as of this morning 0.08%
- 10-Year: as of this morning 1.64
- Unhanged from prior day’s trading
- YIELD CURVE: as of this morning 1.33
- Down from prior day’s trading at 1.34
MACRO DATA POINTS (Bloomberg Estimates):
- 8am: Markit US PMI Final, June
- 9:30am: Intl Grains Council monthly crop report
- 10am: ISM Manufacturing, June, est. 52 (prior 53.5)
- 10am: ISM Prices Paid, June, est. 45.7 (prior 47.5)
- 10am: Construction Spending, May, est. 0.2% (prior 0.3%)
- 11:30am: U.S. to sell $30b 3-mo. bills, $27b 6-mo. bills
- 1:15pm: Fed’s Williams to speak in San Francisco
GOVERNMENT:
- House, Senate not in session
- White House has no public events scheduled
WHAT TO WATCH:
- Bristol-Myers Squibb to buy Amylin for $31-shr cash
- Linde to buy respiratory-care company Lincare for $3.8b
- Dell said to be near buying Quest to add data-ctr software
- Euro-Area Unemployment Climbs to Record 11.1% on Spanish Cuts
- Barclays Chairman Agius said poised to quit after Libor fine
- Fund-Manager Pay Rules Included in EU Response to Madoff Fraud
- Pena Nieto Claims Win in Mexico Election as PRI Returns to Power
- American Electric forecasts a week to fix storm blackouts
- Airbus to Invest $600 Million in Alabama Facility, Reuters Says
- Japan Tankan Confidence Improves Even as Yen Limits Exports
- BNP Said to Mull Plan for $50 Billion Spain-Italy Funding Gap
- Weekly agendas for Media/Entertainment, Industrials, Finance, Energy, IPOs, Transports, Real Estate, Consumer, Health, Tech, Rates, Canada Mining, Canada Oil & Gas
- U.S. Jobs, Tankan, Mexico President: Wk Ahead June 30-July 7
EARNINGS:
- Acuity Brands (AYI) 8:30am, $0.79
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Speculator Bullish Oil Wagers Rose Before Rally: Energy Markets
- Platinum Slump Seen Spurring China’s Jewelers: Chart of the Day
- Corn Extends Rally as Hot, Dry Weather Threatens Midwest Yields
- Hedge Funds Win on Bull Bets Before Biggest Rally: Commodities
- Oil Declines After Biggest Gain Since 2009 on Europe Concerns
- Copper Falls on Signs of Worldwide Manufacturing Deterioration
- Iran-Oil Sanctions Risk Biggest OPEC Export Loss Since Libya
- Gold Set to Decline as Biggest Gain in Four Weeks Spurs Sales
- U.S. Natural Gas Futures Slide From Highest Price Since January
- Isramco Says ‘Significant’ Natural Gas Signs at Shimshon Site
- German 2013 Power Declines as European Coal, Carbon Permits Drop
- Japan’s LNG Imports May Rise 6.5% to 88.6 Mln Tons, IEEJ Says
- Russian Oil Output Falls on Month, Holds Near Post-Soviet High
- EU’s Iranian Ban Will Push Up Demand for Sour Crude, JBC Says
- Dubai Backwardation Rises Amid Iran Sanctions Start: Asia Crude
- Hedge Funds Win on Bull Bets Before Rally
- Goldman Raises Price Forecasts for Corn, Soybeans, Wheat
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
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MIDDLE EAST
The Hedgeye Macro Team